Spotlight

Indian equity markets are likely to open on a cautious note as optimism surrounding a potential U.S.–Iran peace agreement has been tempered by reports of a rocky start to the negotiations.  Concerns emerged after reports indicated that an Iranian delegation walked out of the talks following recent threats from U.S. President Donald Trump, casting doubt on the pace and durability of the proposed agreement. Nevertheless, negotiations are reportedly continuing through mediators, suggesting that diplomatic efforts remain on track despite the initial setback.

The renewed uncertainty has pushed crude oil prices modestly higher, a development that could weigh on sentiment in the near term. Investors are likely to remain focused on further headlines from the negotiations, as any signs of progress or escalation could have a significant impact on energy prices and broader market sentiment. Crude oil prices have edged higher and are currently trading in the $77–78 per barrel range after recently declining to around $73 per barrel.

 
 
Technical view 

Nifty 50

Nifty 50 continues to exhibit a constructive technical structure, supported by its ability to sustain above key support levels despite intermittent profit booking. From a technical perspective, the 24,100–24,200 region continues to act as the immediate resistance zone. A sustained breakout above this band would reinforce bullish momentum and could pave the way for a further advance towards the 24,400 region, which remains the next significant upside target.
 
On the downside, the 23,900 level continues to serve as a crucial support zone. Holding above this level will be essential to preserve the prevailing recovery structure and maintain the positive near-term outlook. However, a decisive break below 23,900 could trigger fresh profit booking and expose the index to further downside towards the 23,800 support region. Overall, the near-term technical outlook remains constructively bullish. While the broader trend continues to favor the bulls, a sustained move above the 24,200 resistance zone will be essential to confirm the continuation of the ongoing uptrend and support further gains.

Bank Nifty

Bank Nifty continues to exhibit underlying strength, comfortably holding above its key support levels and indicating that the broader recovery trend remains intact. From a technical perspective, the 58,000 psychological mark remains the immediate resistance level. A sustained breakout above this zone would reinforce bullish momentum and could pave the way for an extension of the rally towards the 58,300–58,500 region, which represents the next significant upside target.
 
On the downside, the 57,500–57,400 region is expected to act as an important immediate support zone. However, a decisive break below this support band could trigger fresh profit booking and extend the decline towards the stronger support region of 57,200–57,000. Overall, the near-term technical outlook remains cautiously bullish. As long as Bank Nifty sustains above its key support levels, the broader uptrend is likely to remain intact.